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Nov 8, 2012 11:00pm PST
. >> it's a cliff. and not going over it depends on cooperation in washington. so why worry, right? cbs 5 reporter elizabeth cook walks us to the precipice and looks over the edge. liz? >> reporter: in reality, the fiscal cliff is a deadline for congress and the president to reach a deal on the bush-era tax cuts. if you think this is something that just affects folks in washington, think again. the average household could pay an extra 2- to 3,000 in taxes. 1200 programs could be cut and it could increase the unemployment rate from 7.9 to 9%. for others, it could actually be worse. take a single mother with two kids making $50,000 a year. if we go over the fiscal cliff, she'll pay an extra $1,000 for an increase in social security taxes. and more than $1,000 because the bush-era income tax cuts are set to expire, meaning an extra $3,000 out of her paycheck next year. today, vice president biden predicted the two sides will come up with a solution. >> we're not going over the cliff. we're determined not to go over the cliff. >> reporter: it's not just the bush-era tax cuts. going over the c
Nov 7, 2012 11:00pm PST
: the president and his family arrived back in washington. the white house is their official home for four more years. >> i've never been more hopeful about our future. >> reporter: the president won't have a lot of time to savor his victory. the most pressuring issue on the plate is the fiscal cliff, the mix of huge cuts and automatic tax increases and it's set to go in to effect in about 7 weeks. >> you voted for action, not politics as usual. >> reporter: economists have warned the fiscal cliff can plunge the country in to another recession. today the president has been calling congressional leaders. at least for now, he and john boehner are talking about a new spirit of cooperation in washington. >> we're not as divided as our politics suggested. we're not as cynical as the pundits believe. we're greater than the thumb of our individual ambation. >> reporter: today speaker boehner started open negotiations with the president. >> we're willing to accept new revenue under the right conditions. it matters where it comes from and what type of reform comes with it. if there's a mandate in yester
Search Results 0 to 3 of about 4 (some duplicates have been removed)